Climate-related Financial Disclosures
HKEX Aspect A2, A3, A4, KPI A3.1, A4.1
In 2015, the Financial Stability Board (“FSB”)32 established the Task Force on Climate-related Financial Disclosures (“TCFD”) to develop voluntary, consistent climate-related financial risk disclosures for use by companies when providing information to investors, lenders, insurers and other stakeholders. In 2017, the TCFD published a set of recommendations for voluntary climate-related financial disclosures that are consistent, comparable, reliable, clear and efficient, and which aim to provide decision-useful information to lenders, insurers and investors.
We recognise the risks and opportunities presented by climate change to our business. In accordance with our Climate Change Policy, we are committed to communicating our management approaches and strategies for climate mitigation, adaptation and resilience to our stakeholders. In 2018, we started to publish climate-related financial disclosures with reference to the recommendations of the TCFD under the four core categories - governance, strategy, risk management, and metrics and targets. In 2020, we completed the climate risk assessment for physical and transition risks and opportunities to our global portfolio. Our disclosures are set forth in the following pages.
The FSB is an international body that monitors and makes recommendations about the global financial system.
Net- Zero Emissions by 2050, International Energy Agency (2020), World Energy Outlook 2020, IEA, Paris, https://www.iea.org/reports/world-energy-outlook-2020/achieving-net-zero-emissions-by-2050
IIASA NGFS Climate Scenarios Database, REMIND model, Carbon prices shown for the Chinese Mainland under NZ2050 Scenario https://data.ene.iiasa.ac.at/ngfs/#/workspaces/1989
Sustainable Development Scenario, International Energy Agency, 2020, Renewables, 2020, Paris https://www.iea.org/fuels-and-technologies/renewables
IIASA NGFS Climate Scenarios Database, REMIND model, Carbon prices shown for the Chinese Mainland under Below 2 Degrees Scenario https://data.ene.iiasa.ac.at/ngfs/#/workspaces/1989